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Xiaohongshu, the Chinese social media platform, is pivoting to expand internationally after a surge of users from TikTok's potential ban. With a new Hong Kong office and a global e-commerce pilot targeting the U.S. and beyond, the platform aims to retain its growing user base while facing challenges in monetization and competition with Western apps. Despite initial success, analysts express skepticism about its long-term commercial viability in the West.
Pop Mart, a Chinese toy and collectible company, achieved a revenue of 13.04 billion yuan (approximately US$1.8 billion) in 2024, marking a 106.9% increase from 2023. The company's net profit soared to 3.4 billion yuan (around US$468 million), reflecting a year-on-year growth of 185.9%. Notably, revenue from markets outside mainland China reached 5.07 billion yuan (about US$698 million), a remarkable 375.2% increase, accounting for 38.9% of total revenue.
Bank of America has reaffirmed a "neutral" rating for Bank of China (OTCMKTS:BACHY), while Goldman Sachs upgraded it from "hold" to "strong-buy." The stock traded down 0.8% to $14.73, with a market cap of $173.45 billion and a P/E ratio of 5.78. Despite a current buy rating, analysts suggest five other stocks may be better investment options.
Citigroup analysts report a slight recovery in March's gross gaming revenue (GGR), with a daily average of MOP643 million, up 3% from the previous week. However, the overall GGR for March is projected at MOP19.5 billion, remaining flat year-over-year and about 75% of pre-pandemic levels, as both VIP and mass market sectors face declines of 9% and 8%, respectively.
Morgan Stanley has adjusted its price target for Wynn Resorts to $100 from $103 while maintaining an overweight rating. Wynn Resorts operates four hotel-casinos, with net sales primarily from casino operations (59.8%), followed by restaurants and bars (15%), and hotel services (17.4%). Geographically, sales are split between the United States (51.7%) and Macau (48.3%).
UBS reports that Macau's average daily GGR for the past week was approximately MOP621 million, reflecting a 10% month-over-month decline but remaining stable compared to historical seasonal performance from 2015-2019. The firm maintains a positive outlook on the gaming industry, with SANDS CHINA LTD identified as a top pick.
The 2025 Shenzhen auto show, the 29th Guangdong-Hong Kong-Macao Greater Bay Area International Auto Show, is set to take place from May 31 to June 8 at the Shenzhen World Exhibition & Convention Center. This major event follows the Shanghai auto show, scheduled for April 25 to May 2, and will feature over 1,000 models, attracting a large audience as seen in previous years.
Deutsche Bank reported that the margins for Macau operators narrowed in the fourth quarter of 2024. This trend highlights the challenges faced by the gaming industry in the region, reflecting broader economic pressures and competitive dynamics.
MGM China Holdings Ltd emerged as the leading gainer in mass gaming revenue share in Macau for Q4, capturing 15.9% of the market, equating to approximately US$999 million. In contrast, Galaxy Entertainment Group saw significant gains in VIP revenue, increasing its share by 6.2 percentage points to 23.7%. Overall, the mass gaming market generated nearly MOP57.43 billion (US$7.17 billion) in the quarter.
Macau's gaming operators experienced a decline in margins in Q4 2024, with industry-wide margins falling to 27.2% from 27.9% in the previous quarter. Property EBITDA decreased by 2% year-on-year to US$1.90 billion, while total industry GGR rose 6% to MOP$57.6 billion, driven by an 11% increase in VIP GGR. SJM, Galaxy, and Melco gained market share in the mass segment, while aggregate VIP revenue grew by 11% on a higher hold of 3.00%.
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xiaohongshu pivots to global expansion amid challenges in western markets
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12:00 31.03.2025
pop mart reports 1.8 billion revenue in 2024 with significant growth
23:00 29.03.2025
bank of china stock receives neutral rating as shares decline slightly
17:19 28.03.2025
march gaming revenue shows slight recovery but remains flat year over year
01:46 26.03.2025
Morgan Stanley lowers price target for Wynn Resorts to 100 dollars
15:04 21.03.2025
ubs maintains positive outlook on macau gaming industry despite ggr decline
04:55 18.03.2025
Shenzhen auto show 2025 scheduled for May 31 to June 8
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macau operator margins decline in fourth quarter of 2024
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MGM China leads mass gaming revenue growth in Macau's fourth quarter
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macau gaming operator margins decline in fourth quarter of 2024
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